The hospitality group will become LRC’s new hotel investment and management platform and will manage the new hotels, bringing the total number of properties in the Amaris Hospitality portfolio to 30.
The hotels have been acquired using funds managed by Oaktree Capital Management, and the transaction is expected to close later this year.
Peter Stack has also been appointed managing director of Amaris Hospitality, having previously been MD of asset management with the group. He said: “We are very excited about working with our new owners LRC Group and as the addition of these seven hotels demonstrates together we have ambitious growth plans for the business.
“Our strategy will continue to focus on developing and growing our employees, achieving operational excellence and creating a high performing hotel portfolio with a view to delivering long-term, sustainable returns for investors.”
John Brennan, the new chairman of Amaris Hospitality, added: “I am really looking forward to taking up this role on behalf of LRC and to working with the investors and the board in supporting Peter and his leadership team as they pursue their ambitious plans for the business.”